The price decrease comes as the tech giant looks to scale its business to new technology. Meta said that it shift from focusing on social platforms like Instagram, Facebook, and Whatsapp and put more effort into creating the Metaverse — a three-dimensional virtual world.
Chief Executive Officer Mark Zuckerberg announced Wednesday that Meta had a net loss of $10 billion in 2021 attributable to its investment in the metaverse. His own personal net worth fell almost $30 billion on Thursday.
Amazon stock goes in a different direction
Meanwhile, Amazon said its ad revenue came in at $31 billion for 2021, which is more than the $28.8 billion in ad revenue that YouTube posted for the year.
“I’m excited to continue innovating in areas like sponsored ads, streaming video, and measurement,” Brian Olsavsky, Amazon’s finance chief, said during a conference call with analysts.
“Of course advertising only works if we make it useful for customers. When we create great customer experiences, we build better outcomes for brands.”
